115. During the year the responsibility of the Crown Lands Office for land in Tsuen Wan ceased and is now, in the whole of the New Territories, confined to giving advice on land matters only when requested to do so by the New Territories Administration.
Auction Sales.
116. (i) Industry. Demand for industrial sites was intense at the beginning of the year but was in large measure satisfied towards the end thereof by the sale of some 50 lots varying from 10,000 to 20,000 square feet in extent at the new Kwun Tong Reclamation on the North East fringe of the Harbour in Kowloon. The upset price in all cases was $5 per square foot and the realized prices varied from some $20 per square foot at the earlier sales down to $5 per square foot, although at the latter end of the year prices tended to rise again from the lower figure. In all, during the year, 621,800 square feet of land at Kwun Tong were disposed of with a total realized price of $5,840,000. Purchasers were allowed to pay by instalments spread over 20 years and the total payments by the end of the year amounted to $456,934. Certain categories of industries e.g. smoky industry, were excluded from Kwun Tong and considerable efforts were made during the year, with some success, to find suitable sites for them. Demand for small industrial sites in Central Kowloon was maintained, realized prices reaching as high as $45 per square foot.
(ii) Housing. Little land was sold by auction for housing due to scarcity of sites and higher priority accorded to private treaty housing schemes. Such land as has been sold fetched high prices whether in urban or rural districts.
Private Treaty Sales.
117. Sale by auction has remained basic Government policy and private treaty sales have been limited to grants for
Page 20
Page 30
Page 31
115. During the year the responsibility of the Crown Lands Office for land in Tsuen Wan ceased and is now, in the whole of the New Territories, confined to giving advice on land matters only when requested to do so by the New Territories Adminis- tration.
Auction Sales.
116. (i) Industry. Demand for industrial sites was intense at the beginning of the year but was in large measure, satisfied towards the end thereof by the sale of some 50 lots varying from 10,000 to 20,000 square feet in extent at the new Kun Tong Reclama- tion on the North East fringe of the Harbour in Kowloon. The upset price in all cases was $5 per square foot and the realized prices varied from some $20 per square foot at the earlier sales down to $5 per square foot, although at the latter end of the year prices tended to rise again from the lower figure. In all, during the year, 621,800 square feet of land at Kun Tong were disposed of with a total realized price of $5,840,000. Purchasers were allow- ed to pay by instalments spread over 20 years and the total payments by the end of the year amounted to $456,934. Certain categories of industries e.g. smoky industry, were excluded from Kun Tong and considerable efforts were made during the year, with some success, to find suitable sites for them. Demand for small industrial sites in Central Kow- loon was maintained, realized prices reaching as high as $45 per square foot.
(ii) Housing. Little land was sold by auction for housing due to scarcity of sites and higher priority accorded to private treaty housing schemes. Such land as has been sold fetched high prices whether in urban or rural districts.
Private Treaty Sales.
117.
Sale by auction has remained basic Government policy and private treaty sales have been limited to grants for
20
Page 30Page 31
No comments yet.
Private notes are available after approval.